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On the Modern Economic Theory of Incentives, Markets, and Socialism

Lance Taylor provides a second and final response to Andrew Smithers’ criticism of his working paper on the role of the “Global Savings Glut”

Mainstream economics ignores historical and structural factors by design

Oral contraception created a population that, today, is disproportionately inclined to save, resulting in low to negative real interest rates. Excess eurozone savings can only be accomodated by raising sovereign debt levels

What we’re reading: A weekly scan of published items relevant to the Institute’s work

Why Nature Physics has released an issue focusing on physicists and economists considering the state-of-the-art in the application of network science to finance?

Non-mainstream economists are disputing neoclassical ideas about capital.

The soaring costs of city life appear to be sending urban voters toward progressive leaders who promise relief, both in the U.S. and globally.

The world economy is just starting to recover from the most disastrous episode in the history of financial globalisation. Understanding what happened is essential.

Sen. Markey’s “Steward Healthcare Report” Washington Post

A new model probes why the US leads the world in jailing and imprisoning people, and what it will take to reverse course

A few weeks ago, I attended the H2S 4th workshop on “Cross disciplinary ventures in postwar American Social Sciences,” (research program outline here).

The explanation of systematic breakdowns in supervisory oversight over time must include the shift in Federal Reserve culture during and after the 1990s

The monetary policies of major central banks in advanced economies have had negative consequences and thus need to be fixed

The Haas Institute for a Fair and Inclusive Society’s report analyzes the Trans-Pacific Partnership and examines the widespread global implications in the event of its passage.